Blockchain.com To Accelerate Growth After Altonomy Acquisition

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Crypto service provider Blockchain.com has set its eyes on expanding its institutional trading business after acquiring OTC platform Altonomy.

Blockchain.com noted that the Singapore-based company’s latest acquisition will significantly expand its crypto-OTC network around the world.

Blockchan.com gains more institutional investors

Altonomy was launched in 2018 by some of the top names in the blockchain industry. The platform has seen massive demand for its services over the past two months. Last year, it exported more than $16 billion in OTC volume, most of which came from high-growth altcoins.

Altonomy provides liquidity for altcoins with integration with both centralized and decentralized financial (DeFi) liquidity protocols.

Vice President of Markets at Blockchain.com, Daniel Bookstabler, commented on the acquisition agreement. He stated that there are over a thousand clients in crypto projects, advanced investors and funds. He said the acquisition agreement means 26 team members from Altonomy will be integrated into Blockchain.com. This will scale the platform’s product coverage, zone coverage and expectation capabilities.

Blockchain.com Looks At Global Expansion

As more traders and investors enter the cryptocurrency space, Blockchain says it wants to meet the increasing demand for its services. This has prompted the company to seek more funds to accelerate its growth in various sectors in different regions. 12 months ago, Blockchain.com raised its valuation to $5.2 billion after raising $300 million.

The expansion goals also mean the company will strengthen its executive team. Blockchain recently announced the appointment of Toney Sun as Co-Head of Institutional Trading. The platform says Sun’s industry experience will be needed to expand its global business.

Blockchain also made history in September 2022 after announcing that it crossed $1 trillion in crypto transactions on its wallet product. The milestone is another reflection of the growing global adoption of Bitcoin and other cryptocurrencies.

Blockchain said its recent growth has been driven by increased activity from both retail and institutional investors, as well as exchanges and brokers.

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